Crypto News: US calls off Iran attack

Good morning. Oil prices slump after Trump scraps planned attacks on Iran. The yen surges after the first joint Japan-US intervention in 15 years. And backlash against FIFA’s Gianni Infantino grows. Listen to the day’s top stories.

— Tiago Ramos Alfaro

Market Snapshot
WTI Crude Oil Futures	$79.43	-6.2%
Nasdaq 100 Futures	28,523.75	+0.4%
Bloomberg Dollar Spot Index	1,205.36	-0.1%
Market data as of 07:01 AM ET. Data is subject to provider delays.	Your watchlist

Brent crude fell after Donald Trump said fresh US-Iran talks would begin Monday, boosting optimism the two sides may reach a deal to reopen the Strait of Hormuz, despite Iranian officials saying there were no ongoing talks with Washington. The president called off a planned attack on Iran partly in response to pleas from allies in the Middle East, including Saudi Arabia. Adding to the positive sentiment, Iranian Foreign Minister Abbas Araghchi said talks between his country and Oman were in the final stages of agreeing on a new route through Hormuz.

The yen rallied sharply on speculation that there may have been more intervention by Japan and the US to prop up the currency after coordinated action last week. The two governments said they would not hesitate to intervene again after Tokyo confirmed the first joint yen-buying operation in 15 years. Trump said the operation was a sign of friendship with Japan.

Pharma giants AstraZeneca and Bristol Myers Squibb held early-stage discussions about a potential combination, people familiar said. The megadeal between the British firm and its US rival would create one of the world’s biggest pharmaceutical groups, valued at nearly $400 billion, according to the Financial Times. AstraZeneca shares plunged after the news.

More corporate news. Wall Street investment bank Jefferies is reviewing its exposure to Radiant World after discovering discrepancies in some of the paperwork underpinning its financing, people familiar said. At this point, Jefferies believes the underlying trades are valid. Its exposure has fallen below $300 million. Alibaba released its latest flagship AI model Qwen3.8-Max, with performance claims putting it alongside global leaders like Anthropic’s Fable.

Spanish security forces on the shores of Ceuta

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Wildfires latest. Two helicopters collided in Greece’s Attica region, killing two crew members, as firefighters battled a growing blaze that is now largely under control. Europe’s heat wave is drying up vital rivers across the continent, forcing Hungary to shut down its sole nuclear power plant for the first time due to record low levels on the Danube. In the US, fires in Washington state forced the evacuation of tens of thousands of people and destroyed hundreds of structures.

More Top Stories

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Deep Dive: Rethinking

Federal Reserve Chairman Kevin Warsh has raised the possibility of changing the frequency of the US central bank’s regular policy meetings, people familiar said. It is not the first change he has proposed.

Under the proposal, Fed policymakers would meet six times a year to decide on interest rates and other monetary policy issues and twice a year for discussion of a substantive economic topic. No decision has yet been made.
Warsh has signaled he intends to bring other changes, including potentially reducing the number of press conferences he holds.
He also announced the creation of five task forces to consider possible changes to how the Fed conducts monetary policy, in areas ranging from communications to data and the Fed’s balance sheet.
Warsh, who took the helm of the Fed in May, vowed to usher in “regime change” in his new position, but Fed watchers say there are limits to how much he can revamp on his own.

The Big Take

The rollout of powerful new tools is inspiring a generation of day traders who are trying to crack Wall Street’s secret code and create automated money machines.

Opinion

The Beijing Innovation Center of Humanoid Robotics.

The AI age is getting very real, Hal Brands writes. Not so long ago, the impacts of AI on politics, war and statecraft were still mostly hypothetical. Today, they’re arriving with jarring force and speed — and the stakes have never been higher.

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Before You Go

The rapid unraveling of FIFA President Gianni Infantino’s plan to privatize the football governing body’s commercial business has left his future in growing doubt, after UEFA and Concacaf demanded a reckoning for Infantino’s leadership.

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Bloomberg Power Players: Set against the backdrop of the US Open Tennis Championships, Bloomberg Power Players returns to New York on Sept. 10, bringing together the leaders shaping this global industry. From athletes and team owners to commissioners and investors, this event will gather the most influential voices for market-moving conversations on the multitrillion-dollar sports economy. Learn more here.